Happy Safe Families are Preserved by Uncomfortable Conversations

No one enjoys contemplating later-life and end-of-life planning. For a variety of reasons, many older adults postpone making wills and other directives indefinitely. If they are in relatively good health, it just may not seem urgent to plan for a time when they will no longer be able to make sound decisions and care for themselves.

Adult children are often loathe to bring up such topics with their elderly parents. They don’t want to be perceived as being greedy, or they may simply hate to think of a time when a beloved parent will no longer be independent. Helping a senior loved one plan for the future begins with a conversation that may be difficult to broach.

Despite the unpleasant nature of this planning, it’s absolutely necessary, because it leads to greater security. Once the preparations are completed, older adults will have peace of mind, knowing that should a devastating illness strike, their care needs will be met and their wishes regarding artificial life support will be honored. Likewise, they can rest easy, knowing their estate will be distributed exactly according to their directives upon their death. Furthermore, making sure all end-of-life documents are legal and ironclad can help prevent financial elder abuse, which comes in many forms.

In 2018, Wells Fargo authorized a later-life planning survey of 784 seniors aged 60 and older, along with 798 adult children aged 45 to 69. The results painted a picture of how many Americans haven’t made adequate preparations in this area. Below are highlights of what the survey found, as well as real-life cases showing the dire consequences that may ensue from neglecting to put one’s affairs in order.

According to the survey, 57 percent of seniors view talking about later-life needs as a low priority, even when they reach their eighties. Perhaps a measure of denial plays a role in this view, because the average life expectancy of people who reach 65 in the U.S. is the mid-80s. Wells Fargo said the reluctance to plan could open the door to fraud by a trusted person, who, in fact, is untrustworthy.

The survey found that one out of five older Americans is a victim of financial abuse, but only one in ten believe it could happen to them.

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Happy Safe Families are Preserved by Uncomfortable Conversations